NZD/USD Forecast December 29, 2011, Technical Analysis

NZD/USD fell on Wednesday as traders sold risk. The Kiwi dollar is highly sensitive to commodity prices, and most fell for the session. The 0.78 level was an area we mentioned as being resistive in yesterday’s video, and it appears that it has held the market down at this point. With this in mind, we are selling a break below the session lows for Wednesday as the gap from three weeks ago still hasn’t been filled. Buying isn’t even a thought at this point.